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TOLEDO -- According to the Bureau of Labor Statistics, employment of economists is anticipated to increase faster than the average for all occupations, growing 6 percent from 2022 to 2032. Workforce exits and transfers to other sectors are expected to create an average of around 1,200 openings for economists each year during the decade, the numbers show.
There's a broad scope of what economists can do, but, overall, an economist's role is to research and analyze statistics and data over various aspects of the economy, providing forecasts on the direction of trends.
The BLS says most economists work in government at the federal, state or local level, helping to inform legislators about economic policy. Other economists may work as professors, performing their research while teaching economics to the future workforce.
Still others may work in private industry, collecting data and creating forecasts as they relate to a specific company's business matters and product demand. That's the field Mason Pierce has found success in prompting his comment: "(Being an economist) is a totally viable career path, and it's a lot of fun."
Originally from Mingo Junction, Pierce is a 2008 graduate of Indian Creek High School. It was there, he recalled, that he first decided to become an economist after taking his first week of AP macroeconomics in 2006.
Speaking of his economics studies, Pierce said, "It changed the way I thought and processed information about the world."
Pierce went on to earn some scholarships and study economics at Ohio State University, graduating in 2012. In 2014, he earned his master's degree in economics from West Virginia University.
Afterward, Pierce worked for the federal government in the consumer price index division. The CPI, he explained, is the primary measure of inflation, being monitored by legislators, businesses and the news media.
Living on the East Coast at the time, Pierce wanted to move back to his home state of Ohio. He found a job in the economics department of Owens Corning, a Toledo-based building and remodeling material manufacturer, which he has been with for more than nine years, ascending to the corporate economics leader position in 2022.
Owens Corning -- known for shingles, insulation and the invention of fiberglass -- is on the Fortune 500 list of biggest companies in its sector by revenue. Presenting analyses to company executives, Pierce has a lot under his purview, with Owens Corning having multiple international operations.
Pierce said leading the economics department of a Fortune 500 company likely helped him obtain a new position as chair of the the Ohio Chamber of Commerce's Economic Adviser Council. Created in late 2023, the council's role is to "keep the chamber and its members informed about what's happening in the economy nationally and in Ohio specifically," Pierce said.
A statewide advocate and resource for businesses, the chamber reached out to Pierce to bring him aboard the council, which is composed of five professors, three industry economists and one financial consultant.
The chamber hosted its annual economic forecast event, regarding the 2024 U.S. economic outlook, on Jan. 24 at its Columbus headquarters, across the street from the Ohio Statehouse. Pierce gave the keynote address, speaking about high-level national economics for nearly an hour in front of company representatives from across Ohio, and received positive feedback.
Pierce said he hopes his success as an economist can be inspiring to young people considering a career in the field. Pierce himself had a number of supportive university professors and Indian Creek teachers who encouraged him along his career path, but he can't recall any actual economists who contributed to his formation.
"When there aren't people around you doing the job you want to do, it's hard to imagine what that could look like. And I don't think there are many -- if any -- non-academic economists in the Ohio Valley. ... So, it's hard to imagine what that career path could look like, (and) it could be discouraging."
"If I were 16 years old, and I read something in the paper about somebody who graduated from Creek going on to do anything notable as an economist, I would certainly appreciate that."
Now living in Toledo, Pierce does come back to the Ohio Valley every few months, visiting his parents, Terri and Randy, who still live in Mingo Junction, and his brother, Randy. He also comes to satiate his cravings for the local food, including DiCarlo's Pizza and Capri Sausage and Meatball.
A problem solver by nature, Pierce said his favorite part about being an economist is the solving of difficult mathematical problems. That constitutes a "large chunk" of the job, involving econometric modeling advanced applied statistics, which Pierce said there is a "joy" in.
In his free time, Pierce likes to visit his local Metropark and attend MLB games as frequently as possible. He's also a fan of challenging strategy board games, especially those with gameplay principles centered around economics.
"I like doing economics at home and at work," Pierce said.